Gun maker Remington Outdoor will be broken up and sold after a multiday bankruptcy auction saw seven different buyers win the bidding for parcels of the company’s weapons and ammunition holdings.
Sales of Remington’s ammunition and weapons manufacturing business, the Remington brand and others will bring in at least $155 million to be applied against the company’s debts.
Lawyers for Remington haven’t responded to requests to comment on the auction results, which were partially revealed Sunday in court filings.
Judge Clifton R. Jessup Jr. has scheduled a Tuesday hearing in U.S. Bankruptcy Court in Decatur, Ala., to consider approval of the auction results.
The auction is the culmination of Remington’s second bankruptcy of recent years. The Huntsville, Ala., company filed for chapter 11 bankruptcy protection in late July, saying it didn’t have the cash to make weapons to satisfy demand for its products.